Journey to Wealth
DAILY TRADING STOCKS: AIRASIA, GAMUDA, MAYBULK, CREST, CBIND, SKP
A false break of the 200-day MAV line may have occurred, which coincided with the failure to break the 9-month downtrend. Positions can be liquidated on close below RM3.50. Aggressive traders may exit on any rebound towards RM3.60. The price target is the recent low of RM3.20 and then the psychological RM3.00. Look for AirAsiato trade higher if it closes convincingly above RM3.60
Gamuda may trade lower if it violates the 3'' -month support level. The 50-day MAV line is also acting as a dynamic resistance. Liquidation can be made on a close below RM3.54. Strong support lies at the Fibonacci confluences of RM3.44 and RM3.15. The trade may not work if the stock closes above RM3.66, and a violation of RM4.00 will see it trading higher.
Maybulk may trade lower after failing to violate the declining 200-day MAV line and the RM1.80 resistance level. Liquidation can be made below RM1.80 with support expected at the recent lows of RM1.60 and RM1.40. The trade may not work on a close back above RM1.80. When this happens, look for it to trade higher instead, with resistance at RM2.00 and RM2.20.
Crest Builder Holdings Bh- The stock's 4-day sharp rally may have been halted after the occurrence of the 'Long Black Day' yesterday. Liquidation can be made below RM1.10, while a conservative trade may wait until a close below RM1.00 before exiting. Support is expected at RM0.90 and RM0.83. A close back above RM1.10 should see a resumption in buying, with RM1.30 as the target.
CBIP may trade higher after closing above the psychological level of RM3.00 for 2 days in a row. Purchases can be made above the broken resistance with a close below RM3.00 as the stop loss. The price target is RM3.65 and then the psychological RM4.00. A false breakout of RM3.00 may lead to a correction, with strong support at RM2.65.
SKP may resume its uptrend after the firm move yesterday. Purchases can be made on a close above the resistance level of RM0.55 or on a pullback towards the stop-loss level of RM0.50. The price target is RM0.90, provided that RM0.60 is broken convincingly. The trade will not work out should the stop loss be triggered, and support is expected at RM0.45 and RM0.39.
Source: OSK188
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Ride The Bull Short The Bear
CS Tan
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
